Gary BuseyI Got 300 VHS Tapes to My Name... and 5 Pairs of Moccasins

2/16/2012 8:05 AM PST

Bankrupt Gary Busey -- I Have 5 Pairs of Moccasins to My Name ... and 300 VHS Tapes

Gary Busey has virtually no money left from his once-thriving Hollywood career -- but he has amassed an impressive collection of worthless junk ... including a bounty of cassette tapes and broken instruments ... this according to new docs obtained by TMZ.

TMZ broke the story ... Busey recently filed for Chapter 7 bankruptcy ... and according to new docs Gary filed in federal bankruptcy court, Gary says he owes $508,600.96 in various debts.

According to the docs, Busey claims his main creditor is Uncle Sam ... admitting he stiffed the government out of $451k in state and federal taxes from 1998 to 2009.

Problem is ... Gary claims he only has $26,225 in personal assets ... including $1,200 in various bank accounts and a $7,000 security deposit with his landlord. Gary then lists EVERYTHING he owns ... including:

Gary also says he rents a storage unit, in which he keeps old electronics, personal documents, Mother's furniture/piano and old broken drum sets.

In the docs, Gary says he still makes $19,730.71 per month ... but he SPENDS more than $22k per month on things like living expenses and daycare for his newborn son.

Gary's rep tells TMZ, Gary "is following the example of many successful buisiness people such as Abraham Lincoln, Walt Disney, Donald Trump, Francis Ford Coppola, Larry King, and many more Americans who have also utilized the tool of Bankruptcy to gain a fresh start."

The rep adds, "Remember, the Buseyism for FAILING is: Finding An Important Lesson Inviting Needed Growth."

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